Owners urged to scrap older vessels

In the three-month period to 17 July 2018, the Baltic Dry Index (BDI) rose from a low of 1042 points on 30 May to a high of 1695 on 16 July.

Baltic Dry Index – three months to 17 July 2018

Khalid Hashim, managing director of Thailand-based Precious Shipping, which operates four cement carriers, has urged shipowners to scrap their older vessels or face continuing volatility. “If scrapping doesn’t accelerate then the BDI will continue to fluctuate sharply solely dependent on what the demand side does,” he said.